Moody’s fined €1.24m over transparency failures

Nicholas Megaw, Financial Times

"The EU’s markets watchdog has fined Moody’s €1.24m for failing to explain publicly how it made a series of ratings decisions about the financial health of global institutions.

It is only the third fine issued by the European Securities and Markets Authority in the six years since it took on responsibility for the multinational credit ratings industry after the financial crisis, and its first for transparency failures.

Moody’s German arm was fined €750,000 and its UK arm €490,000 for “negligent breaches” of the credit rating agencies regulation for 19 ratings issued between June 2011 and December 2013."